Saturday, September 22, 2012

U.S. corps. have $1.7T in untaxed profits stashed overseas

Fortunately for us, The Economic Populist (Robert Oak) paid attention to a recent Senate hearing that discussed this travesty. He is righteously outraged that companies like Hewlett-Packard and Microsoft don't pay their fair share despite benefiting enormously from innovation (i.e., the Internet) sponsored by the government. Writes Oak,
Both of these tech companies have fired thousands of U.S. workers, offshore outsourced thousands of jobs and to this day spend millions lobbying Congress to import more foreign workers. In the midst of their never ending layoff bloodbath, Microsoft and HP claim they cannot find tech workers, a very obvious lie... 
...these two companies are more in the business of manipulating the international corporate tax code than designing much. No surprise since both corporations slashed and burned their U.S. citizen R&D staff, which shows in their products and declining market share.
Read the whole post if you want to get outraged here.